How to price your brand better
A sustainable income source allows you to do the work that will make a difference in the world. Pricing is an important signal to your audience about what type of organization you are, and who you are for. But we have issues talking about money, let alone about how much we cost, exactly.
Are you pricing yourself for what you are worth?
It’s an awkward topic that we faced head-on in this month’s open community hangout.
Our guest speakers Carlos Saba and Ben Johnson of the Happy Startup School helped us crack some of our dysfunctional beliefs and how to develop a healthier relationship with money.
Watch the full recording 👇 and browse the key takeaways from the chat below 👇👇
20:04 What are the dysfunctional beliefs about money that people struggle to overcome?
“I am not worth it.”
“Money is not important.”
“Is it fair that I make this amount of money when someone else can’t?”
24:50 Where do you start understanding how to price yourself better?
Ben explains that customers buy two things; 1. Good feeling and 2. Solutions to problems.
Pricing better starts with conducting research to understand how your product or service adds value to the target customer’s life.
29:12 How do I move away from the restaurant pricing model of “things = price”?
A mistake people often make is linking the price to time.
To help you price better from an informed point, take time to understand the client's needs on a case-by-case basis and determine what your service means for them. It paints a better picture of the problem they are solving and provides clarity on the scope of the work they need done.
33:15 How can we price better when we work with clients on a small budget?
Ben and Carlos discuss that it is okay to work with small clients that would otherwise not afford your standard rates for causes close to you.
It is important to manage the balance between projects that bring in more money which in turn allows you to support other smaller projects you are passionate about.
53:00 How do I work with clients to get to a ‘Happy price’
Ben advises us to seek feedback from previous clients about the real value of your work.
Experiment with different ways to pitch the value of your work to clients.
Be open to reaching a compromise with other payment terms such as spreading out the payment over a period of time.
57:23 How do we overcome the imposter syndrome that keeps us from pricing our work well?
Ben and Carlos suggest taking time to understand what the client thinks and what your work is worth.
Build confidence in your abilities by learning how to articulate the abilities better.
Become aware that rejection is part of the journey. Rejection does not mean you are not good at what you do.
CAN’T GET ENOUGH?
Dive into Carlos' and Ben's work on happy pricing
Catch their podcast sessions on money and pricing here
